Rigrodsky
& Long, P.A.

Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of Diamond Foods, Inc. (“Diamond Foods” or the “Company”) (Nasdaq: DMND) between December 9, 2010 and November 4, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”). The case is entitled MacFarland v. Diamond Foods, Inc., Case No. C-11-05615-EJD (N.D. Cal.).

Diamond Foods, engages in processing, marketing, and distributing snack products. The Company also offers culinary, in-shell, and ingredient nuts under the Diamond of California brand name. Diamond Foods enters into exclusive purchase agreements with walnut growers for their crops. According to the Company, under these agreements, the walnut growers deliver their entire walnut crop to the Company during the fall harvest season and the Company then determines the minimum price for the crops by March 31, or later, of the following calendar year. The Company represents that it determines the purchase price in good faith, taking into account market conditions, crop size, quality, and nut varieties, among other relevant factors. Since the ultimate price to be paid by the Company to the walnut growers is determined subsequent to receiving the walnut crop, the Company estimates the cost of the walnuts for its interim financial statements.